NEO/USDT Bullish Retrace / Reentry idea 4HR
How far is BTC / the Alts going to retrace? that's the trillion $ question.
Looking at NEO's chart, which (unlike some other large cap alts) does not look like a carbon copy of ETH, I've spotted a potential inverse H&S forming on the 4HR, which lines up with the .5 fib level.
Admittedly, this may be a bit premature - that wick down from the rising wedge may end being just that - a nasty wick - and we could see a continuation within the pattern. But if the overall market retrace continues, you can expect NEO follow suit, and if you're still bullish on the higher TF, this may be a good reentry point.
Remember to let volume be your guide. Previous red candles that have a spike in volume can signify a reversal* . So keep an eye out for that as an indicator to support (or invalidate) this idea.
happy trades,
CD
Looking at NEO's chart, which (unlike some other large cap alts) does not look like a carbon copy of ETH, I've spotted a potential inverse H&S forming on the 4HR, which lines up with the .5 fib level.
Admittedly, this may be a bit premature - that wick down from the rising wedge may end being just that - a nasty wick - and we could see a continuation within the pattern. But if the overall market retrace continues, you can expect NEO follow suit, and if you're still bullish on the higher TF, this may be a good reentry point.
Remember to let volume be your guide. Previous red candles that have a spike in volume can signify a reversal* . So keep an eye out for that as an indicator to support (or invalidate) this idea.
happy trades,
CD